White House gives budget predictions

It’s ugly stuff. From the Wall Street Journal:

The Obama administration shaved $262 billion from its estimated 2009 federal budget deficit but said the U.S. will run a $9 trillion deficit over the next 10 years — $2 trillion more than it forecast earlier this year.

Still, in a measure of the dire state the nation’s fiscal picture, the level of U.S. public debt when measured as a percentage of economic output is projected to reach its highest levels since World War II. The administration is projecting that public debt will hit 66.3% of gross domestic product in 2010, more than any other time since the 1940s, when it peaked at more than 121% of GDP.

That figure is more than symbolic. Higher debt means the U.S. is paying more to finance its deficit. Interest payments are projected to hit 3.4% of GDP by 2019.

Did these Democrats not have to take the most basic of personal finance classes in 5th grade? I sure did. This is not how I learned to budget.


  1. J. Strupp says:

    Off topic.

    I wish there WAS the most basic personal finance classes in 5th grade. Actually, I wish basic personal finance classes were manditory to get a high school diploma.